Housing and Economic Recovery Act of 2008

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Housing and Economic Recovery Act of 2008

Legislation in the United States that guarantees sub-prime mortgages up to $300 billion, provided the lenders write down the value of the mortgage up to 90% of the actual value of the real estate. The Federal Housing Administration was charged with implementing the guarantees. The act was passed in July 2008 and enabled the government to put Freddie Mac and Fannie Mae into federal receivership in September.
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After several months of negotiations between House and Senate leaders and the White House, the president signed the Housing and Economic Recovery Act (Public Law 110-289) into law on July 30, 2008.
A little more than 6 months later, Weichert's proposal has become policy as the Housing and Economic Recovery Act of 2008 was signed in to law.
The Housing and Economic Recovery Act is expected to bolster the housing market - one of the largest and most vital sectors of the overall economy - by providing added incentives and opportunities for homebuyers.
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